Indian shares were off to a muted start on Monday, ahead of domestic retail inflation data due later in the day and U.S. inflation data due tomorrow, while the ongoing uncertainty and spillover effects from the Adani Group's market rout continued to create an overhang.
showed that India's annual retail inflation rose from a 12-month low in December, but stayed within the 6% upper limit of RBI's tolerance band in January."The Adani group saga continues to weigh on investors' minds and hence the sentiment has been negative," said Prashanth Tapse of Mehta Equities.
The group has lost over $100 billion in market value since Jan. 24, when U.S. short-seller Hindenburg Research accused the conglomerate of stock manipulation and improper use of tax havens.to some of the investors in its scrapped $2.5 billion share sale of the flagship Adani Enterprises. Our Standards:
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